Tuesday, September 6, 2011

Looks like the "Possible Short Term SPX Count" chart nailed it...

Here's the chart from before yesterday's open, updated with the actual price action.  Looks like a dead-on hit!  Alternate count can't be ruled out yet; if the alternate is correct, we may need one more low to complete this first wave.  My wave 2 target is 1195.  After that, we should see another fast downdraft, which finally breaks the uptrend. 

If we rally much past 1195, my "long-shot" count for a triple zigzag (mentioned a few posts ago) may be unfolding.

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